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12 U.S.C. · Banks and Banking
12 U.S.C. § 2279bb5

Mandatory actions applicable to level II

Ch. 23 — FARM CREDIT SYSTEM
Title 12 U.S.C. ● ACTIVE Primary Source Ch. 23
Statutory Text

12 U.S.C. § 2279bb5 — Mandatory actions applicable to level II

U.S.C. Title 12 - BANKS AND BANKING 12 U.S.C. United States Code, 2023 Edition Title 12 - BANKS AND BANKING CHAPTER 23 - FARM CREDIT SYSTEM SUBCHAPTER VIII - AGRICULTURAL MORTGAGE SECONDARY MARKET Part B - Regulation of Financial Safety and Soundness of Federal Agricultural Mortgage Corporation Sec. 2279bb-5 - Mandatory actions applicable to level II From the U.S. Government Publishing Office, www.gpo.gov

§2279bb–5. Mandatory actions applicable to level II

(a) Capital restoration plan If the Corporation is classified as within level II, the Corporation shall, within the time period determined by the Director, submit to the Director a capital restoration plan and, after approval, carry out the plan. (b) Restriction on dividends If the Corporation is classified as within level II, the Corporation may not make any payment of dividends that would result in the Corporation being reclassified as within level III or IV. (c) Reclassification from level II to level III The Director shall immediately reclassify the Corporation as within level III (and the Corporation shall be subject to the provisions of section 2279bb–6 of this title), if— (1) the Corporation is within level II; and (2)(A) the Corporation does not submit a capital restoration plan that is approved by the Director; or (B) the Director determines that the Corporation has failed to make, in good faith, reasonable efforts necessary to comply with such a capital restoration plan and fulfill the schedule for the plan approved by the Director. (d) Effective date This section shall take effect upon the expiration of the 30-month period beginning on December 13, 1991.

(Pub. L. 92–181, title VIII, §8.36, as added Pub. L. 102–237, title V, §503(b)(2), Dec. 13, 1991, 105 Stat. 1876.)

Source: uscode.house.gov — public domain Official Source ↗
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12 U.S.C. § 2279bb5
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The statutory text of 12 U.S.C. § 2279bb5 is reproduced from the official United States Code as published by the Office of the Law Revision Counsel of the U.S. House of Representatives (uscode.house.gov).
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Ch. 23 — FARM CREDIT SYSTEM
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